MS HB85

Authorizes issuance of state general obligation bonds not to exceed $82,375 to assist the City of Baldwyn, Mississippi with construction, engineering, and related costs for paving Cox Street.

Creates a special fund designated "2024 City of Baldwyn Cox Street Fund" within the State Treasury to receive bond proceeds and disburse funds for the specified paving project.

Bonds may be issued at any time or times by the State Bond Commission up until July 1, 2028, with maturity dates not exceeding 25 years from issue, interest rates complying with state law, and full faith and credit pledge of the State of Mississippi.

Upon project completion, abandonment, or inability to complete in timely fashion, any remaining fund amounts shall be applied to pay debt service on the bonds; investment earnings on the fund shall also be used for debt service.

Act takes effect July 1, 2024.